Core Viewpoint - The announcement reveals that key executives of Yutong Optics have completed their share reduction plans, indicating potential changes in insider sentiment regarding the company's stock performance [2] Group 1: Share Reduction Details - The company's director and general manager, Jin Yonghong, reduced his holdings by 2.1957 million shares, representing 0.59% of the total share capital, at an average price of 30.64 yuan per share [2] - Executive Chen Tianfu also reduced his holdings by 99,000 shares, which is 0.03% of the total share capital, at an average price of 29.39 yuan per share [2] - Both executives have completed their share reduction plans within the specified timeframe from October 29, 2025, to January 6, 2026 [2]

证券代码：300790 证券简称：宇瞳光学 公告编号：2026-001 东莞市宇瞳光学科技股份有限公司 注：上述股东减持股份来源为公司首次公开发行前已发行的股份、非公开发行股份、股权激励 及因权益分派送转的股份。 以上计算公司总股本比例时已剔除公司回购专用账户中的股份 2,429,000 股。 2、股东本次减持前后持股情况 关于董事、高级管理人员股份减持完成的公告 董事兼总经理金永红先生、高级管理人员陈天富先生保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 东莞市宇瞳光学科技股份有限公司（以下简称"公司"）于 2025 年 9 月 17 日披露 了《关于董事、高级管理人员减持股份预披露公告》，近日收到金永红先生及陈天富先 生出具的《股份减持计划实施完成告知函》，金永红先生及陈天富先生本次减持计划已 实施完成，现将有关情况公告如下： 一、股东减持情况 1、股东减持股份情况 | 股东名称 | 减持方式 | | 减持期间 | | 减持均价 （元/股） | 减持价格区 | 减持股数( | 减持股份 占总股本 | | ...

现场检查报告 东兴证券股份有限公司 关于东莞市宇瞳光学科技股份有限公司 2025 年度现场检查报告 | 保荐机构名称：东兴证券股份有限公司 被保荐公司简称：宇瞳光学 | | | | --- | --- | --- | | 保荐代表人姓名：林苏钦 联系电话：010-66555253 | | | | 保荐代表人姓名：吴梅山 联系电话：010-66555253 | | | | 现场检查人员姓名：林苏钦、吴梅山 | | | | 现场检查对应期间：2025 年度 | | | | 现场检查时间：2025 年 12 月 24 日 | | | | 一、现场检查事项 现场检查意见 | | | | （一）公司治理 是 否 | | 不适用 | | 现场检查手段：查阅公司章程、内部控制制度、公司"三会"议事规则及会议资料等资料； | | | | 与公司相关负责人等进行沟通等。 | | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | | 2.公司章程和三会规则是否得到有效执行 | √ | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内容等要 | √ | | | 件是否齐备，会议资料是否保存完整 | | ...

2025 年度持续督导培训工作的情况报告 2025 年 12 月 24 日。 二、培训地点 宇瞳光学公司会议室。 三、培训对象 宇瞳光学部分董事、高级管理人员、中层以上管理人员、主要股东等人员参 加了现场培训。 东兴证券股份有限公司关于 东莞市宇瞳光学科技股份有限公司 2025 年度持续督导培训工作的情况报告 东兴证券股份有限公司（以下简称"东兴证券"、"保荐机构"）作为东莞 市宇瞳光学科技股份有限公司（以下简称"宇瞳光学"、"公司"）持续督导的 保荐人，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 等有关规定，对宇瞳光学部分董事、高级管理人员、中层以上管理人员、主要股 东等进行了现场培训。现将培训情况报告如下： 一、培训时间 现场培训后，东兴证券向宇瞳光学提供了讲义课件及相关学习资料，提请公 司转发至其他因故未参加培训的人员，以供自学。 四、培训内容 本期，东兴证券围绕《最新减持新规》等内容对培训对象进行了培训，进一 步强化了培训对象对相关内容的理解与掌握，从而帮助宇瞳光学进一步提高规范 运作水平，培训达到了预期效果。 特此报告。 （本页以下无正文） 1 2025 年度持续督导培训工作 ...

Group 1 - The optical imaging industry is experiencing a capital operation wave characterized by mergers, acquisitions, and financing driven by the promising market prospects in emerging technology fields such as automotive lenses, AR/VR optics, and machine vision [2][6] - Companies like Yutong Optics have engaged in multiple acquisitions, but the performance of acquired targets has often fallen short of expectations, raising concerns about the effectiveness of their integration strategies [3][5] - Yutong Optics has faced increasing debt levels due to ongoing financial losses, leading to a planned fundraising of 1 billion yuan for expansion and liquidity, which has yet to progress [8][11] Group 2 - Yutong Optics, established in 2011, is the largest global supplier of security lenses and has expanded into automotive optics and intelligent driving sectors through acquisitions [3][5] - The company has made several acquisitions from 2022 to 2025, including stakes in Zhongke Haoye and Jiuzhou Optics, but many of these transactions have not met their performance commitments [5][6] - Despite a reported revenue increase of 18.49% year-on-year to 2.362 billion yuan and a net profit growth of 40.99% to 188 million yuan in the first three quarters of this year, the company's profitability remains weak compared to peers [6][7] Group 3 - Yutong Optics has a research and development expense ratio of 5.6%-7.2%, similar to competitors, but its gross margin of approximately 20% is significantly lower than that of peers like Liding Optics, which stands at around 40% [6][7] - The company has implemented a stock incentive plan at half the market price while simultaneously witnessing significant share pledges and reductions by executives, raising concerns about its financial health [11] - The ongoing merger and acquisition frenzy reflects a strong pursuit of opportunities in emerging markets, but the disconnect between high capital enthusiasm and the companies' operational fundamentals poses risks [11]

Core Viewpoint - The company, Yutong Optical (300790.SZ), has stated that its optical lens products and technologies can be applied in various robotic vision perception areas, including industrial robots, service robots (such as vacuum cleaners), and energy robots (mobile charging) [1] Group 1 - The company's optical lens products are suitable for industrial robots, enhancing machine vision capabilities [1] - Service robots, including vacuum cleaners, can utilize the company's optical technologies for improved functionality [1] - The company currently does not have any clients in the humanoid robot sector [1]

Group 1 - The company, Yutong Optical (300790.SZ), confirmed that its optical lens products and technologies can be applied in various types of robots, including industrial robots (machine vision), service robots (such as vacuum cleaners), and energy robots (mobile charging) [2] - Currently, the company does not have any orders for humanoid robots [2]

Group 1 - The company is operating at full capacity for its aspheric glass lenses, which are used in sports cameras, automotive ADAS lenses, and AI glasses [1] - The company is focusing on the AI glasses, autonomous driving, and new consumer markets, indicating a strategic direction towards emerging technologies [1] - The molded glass business is forming a new growth driver for the company, which is expected to become a new engine of growth [1] - The company plans to adjust its production capacity based on industry development and market demand [1]

Core Viewpoint - The company is currently operating at full capacity for its aspheric glass lens production, which is utilized in various applications such as sports cameras, automotive ADAS lenses, and AI glasses. The company is focusing on the AI glasses, autonomous driving, and new consumer markets as new growth drivers, with plans to expand capacity based on industry development and market demand [1]. Group 1 - The company's aspheric glass lens production is at full capacity [1] - Applications for the glass lenses include sports cameras, automotive ADAS lenses, and AI glasses [1] - The company is targeting AI glasses, autonomous driving, and new consumer markets as potential growth areas [1] Group 2 - The molded glass business is expected to become a new growth engine for the company [1] - The company plans to adjust its capacity expansion according to industry trends and market needs [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Insights - The company, Yutong Optical, is a leading global provider of optical solutions, particularly in the security lens market, where it has maintained the largest market share for ten consecutive years [1][2]. - The company is expanding into the automotive optical market and has established a solid competitive position through acquisitions and technological advancements [1][2]. - Yutong Optical is also diversifying into new consumption sectors, including machine vision and AR/VR lenses, which are expected to drive future growth [1][3]. Summary by Relevant Sections Company Overview - Yutong Optical was founded in 2011 and went public in September 2019. It is the largest supplier of security lenses globally, with a strong market position in the security sector [1][13]. - The company has established a wholly-owned subsidiary for automotive vision and acquired JiuZhou Optical to enhance its competitiveness in the automotive lens market [1][2]. Business Layout - The company has developed a diversified business model centered around security, automotive optics, smart home applications, machine vision, and emerging optical applications [20][24]. - The product matrix includes a wide range of security lenses that cater to various applications, from consumer monitoring to high-end industry surveillance [2][54]. Financial Analysis - Revenue projections for 2025-2027 are estimated at 36.52 billion, 46.62 billion, and 58.35 billion yuan, representing year-on-year growth rates of 33.1%, 27.7%, and 25.2% respectively [4][8]. - Net profit forecasts for the same period are 2.83 billion, 4.85 billion, and 7.00 billion yuan, with growth rates of 54.1%, 71.3%, and 44.5% respectively [4][8]. - The company's gross margin is expected to improve, reflecting a focus on product structure optimization and increased R&D investment [28]. Security Lens Market - Yutong Optical's security lens segment is characterized by a comprehensive product range that meets diverse market needs, supported by long-term partnerships with major security firms [2][54]. - The company is actively expanding its overseas market presence, with a notable increase in international revenue [57]. Automotive Optical Market - The automotive optical segment is positioned for growth, with the company supplying major automotive manufacturers and developing a complete product matrix for smart driving systems [2][58]. - The demand for automotive cameras is expected to rise as smart driving technology becomes more prevalent [58]. Emerging Business Areas - The company is exploring new consumption markets, including sports cameras and AI glasses, which are anticipated to contribute significantly to revenue growth [3][19]. - Collaborations with leading technology firms in these sectors are expected to enhance product delivery and market penetration [3][42].